Scottsdale Real Estate Blog - Real Estate

Scottsdale Condo Short Sale Story

I am seeing more and more short sale listings as 2008 continues on it's slow course in Scottsdale real estate sales.  These listings are competing with the many other real estate listings that are being sold by home owners that want or need to move.  In some cases short sale prices and foreclosures are now being used as comparables by appraisers.  I've been on both ends of short sales.  I had a short sale listing and have presented buyer offers to several short sale listings.

I will talk about my short sale listing that was a Scottsdale condominium for sale.  This unit was owned by an out-of-state seller that had only seen the condo once.  It was a family investment and a divorce caused the need to sell.  This condo was only a few years old.  There had…

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Monthly Scottsdale Real Estate Newsletter

I  haven't posted for a while because we've been busy with our monthly real estate newsletter.  We have been experimenting with different formats and have been forming a team of different real estate service providers that are sponsoring the newsletter titled Classic Dream Team, Eye-on-the-Market News.

This month's issue has our Featured Scottsdale real estate Listing and a list of market statistics for six of the areas we serve (Carefree, Cave Creek, Fountain Hills, Scottsdale, North Phoenix, Paradise Valley), comparing home prices from 2006 to 2007 and showing the increased or decreased percentages.

We also have a new feature called Ask The Experts titled "The Math Might Be in Your Favor."  We have much more information and it's not just real…

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More Scottsdale Short Sales Coming Up on the Market

I work with a lot of buyers and even I am amazed at how many Scottsdale homes for sale are coming up that are short sales.

What is a short sale?

So many buyers have heard the term but don't know what it means.  A basic definition is that a short sale is where a bank/mortgage provider agrees to consider allowing the property to sell for less than what is currently owed on the mortgage.  These are also referred to as pre-foreclosure sales as the seller is trying to avoid foreclosure by attempting to sell their property.  I have heard of some areas such as Florida where short sales are accepted even when owners are current with their mortgage payments.  Normally, the homeowner has to prove why they can no longer afford the property and fill out a form…

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Mortgage Rates Lowest Since 2004

I just read an article by Inman news explaining how the mortgage interest rates fell this week to lows we haven't seen since 2004.  That's great news for Scottsdale home buyers who are indecisive about buying now or waiting until later.  With the recent special Fed rate cut, buyers may think it's best to hold out for even lower rates.  That could be a risky gamble.  I'll explain why.

Although I am starting to get more buyers than I can handle, they are passing by decent properties and insisting on viewing everything on the market in their price range.  I can't blame them, although I saw a few Scottsdale homes for sale I'd purchase in a minute if I were looking.  But today's buyers think there's something better out there, or they're waiting for better…

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Will 2008 Be Great for Scottsdale Real Estate?

It's very confusing to decipher the current real estate market with the mix of press currently out there. First off, I had a record year in 2007, while many other agents are thinking of leaving the business and a lot have left or will soon.  I'm shocked at some of the long-established offices that are closing.I've had my best year, many have had their worst. I have an idea why that is.

Yes, sales were down last year. But they were down from record years. 2007 was not the slowest year for property sales, there have been many years that had fewer sales than 2007.So why are so many feeling like it was the worst year in history for real estate sales?

In my opinion, the old 80/20 rule exists even more today than before.  20% of agents/brokerages are…

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NAR Disallowing Use of MLS on Agent Web Sites

Recently I received a "cease & desist" letter from my local real estate board.  I received copies of my offending real estate website pages that have links titled "MLS Search".  Now our National Association of REALTORS (NAR) has made an addition to our Code of Ethics preventing us from using the term on our sites.  A majority of agents don't really understand the big picture because many do not have websites and for many that do, they don't understand that having a website is one thing, having an Internet presence is quite another.

How do we achieve an Internet presence?  By doing search engine optimization to allow our sites to appear at the top of search engines when people search specific real estate terms, or keywords, like Scottsdale MLS or Cave…

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Is the Scottsdale Real Estate Market Really Slowing Down?

I have been reading headlines referring to the slowdown of the real estate market in Scottsdale and surrounding Phoenix area. I wrote another article about the downturn of the Scottsdale real estate market.  It is actually affecting most of the nation. The party is certainly over.

First off, most buyers have made their purchasing decision within the past 5 years when interest rates were at record lows. I personally believe these low interest rates will cause buyers to remain in their homes longer than usual because it will be difficult to give up those low rates unless they absolutely have to move because of a job change, growing family, downsizing, divorce, etc. This will affect the real estate industry years down the road.

There is always a…

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Scottsdale Home Sellers, Don't Say "No" To Showings

UPDATED 2/19/2019

It always amazes me at how many sellers will not confirm an appointment to show their home. I realize we all have a life and sometimes a showing is not convenient, like when you're very sick or you're having a party (or maybe the morning after the party), etc.

I tried setting several appointments for Scottsdale homes recently during the day. On each day, one seller said no. Then the receptionist asked if I could make it at a different time. My answer is always, "We're out looking at that time. If my buyers don't find something, we might reschedule at a later date." But in most cases, we don't reschedule.

You should use a lockbox

Most sellers allow the use of a lockbox, which makes it very easy and comfortable to show their…

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What is the Best Valley City?

This is an oldie but goodie, timeless post. I have been asked recently, on more than one occasion, what is the best place to live in the Greater Phoenix area or what is the best area of Scottsdale real estate? That is a loaded question!

Real estate agents should not answer such questions but guide potential buyers to do their own homework. I believe buyers should be able to make a decision on where to live based on their personal preferences. But we cannot force our preferences or opinions on buyers. We could be accused of "steering," which means promoting areas based on ethnic or racial groups. This could result in punishment of paying hefty fines and even losing our real estate license.

Besides that, we can truly only give our personal…

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What Style Home Do You Have?

Whenever I'm getting information over the telephone regarding a home I'm going to be preparing a Comparative Market Analysis on (CMA), I will ask what style is the home?  Many times I'll get a long pause where I will step in and start naming and describing different styles.

Most people know that a ranch style home is a one-level home.  That's the easy one.  Some people will tell me they have a two-story when they really have a cape cod (or 1 1/2 story).  A cape cod is easy to describe over the phone as it's typically the kind of house children draw in pictures with a square body and a triangle on top with a peaked roof coming down the sides.  A true two-story has the same square footage on the upper level as it does on the main level and the upper…

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